1996. The portion of subsection 217(1) of the Act before paragraph (a) is replaced by the following:

Marginal note:2001, c. 9, s. 84

1997. Subsection 223(1) of the Act is replaced by the following:

• 1998. (1) Subsection 224(2) of the Act is amended by adding the following after paragraph (a):

  • (a.1) if the amalgamated bank is to be a federal credit union, a statement that the amalgamated bank will be organized and carry on business on a cooperative basis in accordance with section 12.1;

• (2) Paragraphs 224(2)(c) and (d) of the Act are replaced by the following:

  • (c) the manner in which the shares or membership shares of each applicant are to be converted into shares or other securities, or into membership shares, of the amalgamated bank;

  • (d) if any shares or membership shares of an applicant are not to be converted into shares or other securities, or into membership shares, of the amalgamated bank, the amount of money or securities that the holders of those shares are to receive in addition to or in lieu of shares or other securities, or membership shares, of the amalgamated bank;

• (3) Subsection 224(3) of the Act is replaced by the following:

  • Marginal note:Cross ownership of shares

    (3) If shares or membership shares of one of the applicants are held by or on behalf of another of the applicants, other than shares or membership shares held in the capacity of a personal representative or by way of security, the amalgamation agreement must provide for the cancellation of those shares or membership shares when the amalgamation becomes effective without any repayment of capital in respect of them, and no provision may be made in the agreement for the conversion of those shares or membership shares into shares or membership shares of the amalgamated bank.

Marginal note:2007, c. 6, s. 14

1999. Section 225 of the English version of the Act is replaced by the following:

• 2000. (1) Subsection 226(1) of the Act is replaced by the following:

  Marginal note:Approval

  • 226. (1) The directors of each applicant must submit an amalgamation agreement for approval to a meeting of the shareholders of the applicant — or, if the applicant is a federal credit union, to a meeting of its members and to a meeting of its shareholders, if any.

• (2) Subsections 226(4) and (5) of the Act are replaced by the following:

  • Marginal note:Special resolution

    (4) Subject to subsection (3), an amalgamation agreement is approved when the shareholders of each applicant bank or body corporate have approved the amalgamation by special resolution or, if an applicant bank is a federal credit union, the members and shareholders, if any, have approved the amalgamation by separate special resolutions.

  • Marginal note:Termination

    (5) An amalgamation agreement may provide that, at any time before the issue of letters patent of amalgamation, the agreement may be terminated by the directors of an applicant even if the agreement has been approved by the shareholders — or the members and shareholders, if any — of all or any of the applicant banks or bodies corporate.

2001. The Act is amended by adding the following after section 226:

• 2002. (1) The portion of subsection 227(1) of the Act before paragraph (a) is replaced by the following:

  Marginal note:Vertical short-form amalgamation

  • 227. (1) A bank, other than a federal credit union, may, without complying with sections 224 to 226, amalgamate with one or more bodies corporate that are incorporated by or under an Act of Parliament if the body or bodies corporate, as the case may be, are wholly-owned subsidiaries of the bank and

• (2) The portion of subsection 227(2) of the Act before paragraph (a) is replaced by the following:

  • Marginal note:Horizontal short-form amalgamation

    (2) Two or more bodies corporate incorporated by or under an Act of Parliament, none of which is a federal credit union, may amalgamate and continue as one bank, without complying with sections 224 to 226 if

Marginal note:2001, c. 9, s. 85

2003. Subsection 228(4) of the Act is amended by striking out “and” at the end of paragraph (g) and by replacing paragraph (h) with the following:

Marginal note:2007, c. 6, s. 16

2004. Section 233 of the Act is replaced by the following:

• 2005. (1) Subsection 234(1) of the Act is replaced by the following:

  Marginal note:Shareholder approval

  • 234. (1) The directors of a selling bank must submit a sale agreement for approval to a meeting of shareholders, or, if the bank is a federal credit union, to a meeting of members and shareholders of the bank and, subject to subsection (3), to the holders of each class or series of shares of the bank.

• (2) Subsection 234(4) of the Act is replaced by the following:

  • Marginal note:Special resolution

    (4) A sale agreement is approved when the shareholders and the holders of each class or series of shares entitled to vote separately as a class or series under subsection (3) of the selling bank have approved the sale by special resolution and, if the selling bank is a federal credit union, the members have also approved the sale by a separate special resolution.

2006. Section 235 of the Act is replaced by the following:

• 2007. (1) Paragraph 238(1)(b) of the Act is replaced by the following:

  • (b) minutes of meetings and resolutions of shareholders and members;

• (2) Paragraph 238(2)(c) of the Act is replaced by the following:

  • (c) records showing, for each customer of the bank, on a daily basis, particulars of the transactions between the bank and that customer and the balance owing to or by the bank in respect of that customer and, if the bank is a federal credit union, whether the customer is a member of the federal credit union.

Marginal note:2005, c. 54, s. 50

• 2008. (1) Subsection 239(5) of the Act is replaced by the following:

  • Marginal note:Access to bank records

    (5) Shareholders, members and creditors of a bank and their personal representatives may examine the records referred to in subsection 238(1) during the usual business hours of the bank and may take extracts from them free of charge or have copies of them made on payment of a reasonable fee. If the bank is a distributing bank, any other person may on payment of a reasonable fee examine those records during the usual business hours of the bank and take extracts from them or have copies of them made.

• Marginal note:2001, c. 9, s. 88(2)(F)

  (2) Subsection 239(6) of the Act is replaced by the following:

  • Marginal note:Copies of by-laws

    (6) Every shareholder and every member of a bank is entitled, on request made not more frequently than once in each calendar year, to receive, free of charge, one copy of the by-laws of the bank.

• 2009. (1) Subsection 240(1) of the Act is replaced by the following:

  Marginal note:Lists

  • 240. (1) A person who is entitled to a basic list of shareholders or members of a bank (in this section referred to as the “applicant”) may request the bank to furnish the applicant with a basic list within ten days after receipt by the bank of the affidavit referred to in subsection (2) and, on payment of a reasonable fee by the applicant, the bank must comply with the request.

• Marginal note:2005, c. 54, s. 51

  (2) Subsections 240(3) and (4) of the Act are replaced by the following:

  • Marginal note:Entitlement to list

    (3) A shareholder, member or creditor of a bank or their personal representative — or, if the bank is a distributing bank, any person — is entitled to a basic list of shareholders or members of the bank.

  • Marginal note:Basic list

    (4) A basic list of shareholders or members of a bank consists of a list of shareholders or members that is made up to a date not more than ten days before the receipt of the affidavit referred to in subsection (2) and that sets out

    • (a) the names of the shareholders or members, as the case may be, of the bank;

    • (b) the number of shares owned by each shareholder, or the number of membership shares owned by each member, as the case may be; and

    • (c) the address of each shareholder or member as shown in the records of the bank.

• (3) Subsection 240(5) of the English version of the Act is replaced by the following:

  • Marginal note:Supplemental lists

    (5) A person requiring a bank to supply a basic list may, if the person states in the accompanying affidavit that supplemental lists are required, request the bank or its agent, on payment of a reasonable fee, to provide supplemental lists of shareholders or members setting out any changes from the basic list in the names and addresses of the shareholders or members, as the case may be, and the number of shares owned by each shareholder, or the number of membership shares owned by each member, as the case may be, for each business day following the date to which the basic list is made up.

2010. Section 241 of the English version of the Act is replaced by the following:

2011. The portion of section 242 of the Act before paragraph (b) is replaced by the following:

Marginal note:2007, c. 6, s. 17

2012. Subsection 245(1) of the Act is replaced by the following: